Total GTAT exec compensation rises 15 percent in 2012
GT Advanced Technologies paid its top five executives $16.8 million in cash, equity and benefits for the 2012 fiscal year - a 15 percent increase over the previous fiscal year, according to a proxy filed with the Securities and Exchange Commission.
The board of the directors of the Merrimack-based company - which develops furnaces that make material for the solar, LED and other industries - paid itself about $1.5 million.
CEO Thomas Gutierrez led the way, with an executive compensation package of nearly $6.4 million, with about $4.5 million in stock awards, and a $1.1 cash bonus and incentives on top of his $719,000 salary. That's about $1.63 million (or about 34 percent) more than fiscal 2011.
Jeffrey J. Ford, vice president and general manager of Asia Photovoltaic and Sapphire Equipment, made $3.8 million, a 51 percent increase; David W. Keck, vice president and general manager, Polysilicon, got $2.6 million, a $135,000 decrease; CFO Richard Gaynor got almost $2.2 million, a 26 percent increase, and David Gray, chief strategy officer, received $1.8 million, a 38 percent cut.
GT made an annual profit of $183 million in fiscal 2012, topping the $175 million it made the previous year. It posted $996 million in revenues, almost $100 million above the previous year.
Shareholders will get to take an advisory vote on the executives' compensation, at the company's annual meeting, set for Aug. 22 in Boston.Edit ModuleShow Tags